Hi folks,
BTC support, Fib and possible ranges shared:
As you can see, I have tried my hand at many things here... I'm learning and I hope to hear some positive feedback from you.
Tried multi-level support lines all the way back from the last few years,
Tried recent Fib Waves
Calculated the MOST likely bounce stop for BTC where it will be decided if BTC will go up towards the upper multi-year resistance for ATH or will drop towards the 3 support lines.
I have observed many times that BTC likes to bounce of 0.618 Fib region (the RED line) and if that's the case, it should bounce higher from $55XX range - Higher
OR,
It may continue dropping towards the multi-year supports. - pink line being the first.
Currently BTC is struggling at a major resistance shown by dotted horizontal line. I give higher probability for a drop towards 0.618 - $55XX range where I will decide if I should wait for bounce higher or to further drop.
BTC is the only GOLD that people can buy and store themselves safely, it's portable and scarce.
I believe, during times of economic uncertainty, people like to buy Gold.... but this time, it's going to be "digital".
Pls do share your thoughts. If you liked this analysis, give it a like.
Also follow me on Twitter @prajwolb as I post various crypto-related posts.
I never stay fixed onto 1 coin and keep and adapting to changing scenarios. BTC is the only constant obviously.
Not a financial advise obviously as I am not a financial adviser.
Cheers,
nattain
BTC support, Fib and possible ranges shared:
As you can see, I have tried my hand at many things here... I'm learning and I hope to hear some positive feedback from you.
Tried multi-level support lines all the way back from the last few years,
Tried recent Fib Waves
Calculated the MOST likely bounce stop for BTC where it will be decided if BTC will go up towards the upper multi-year resistance for ATH or will drop towards the 3 support lines.
I have observed many times that BTC likes to bounce of 0.618 Fib region (the RED line) and if that's the case, it should bounce higher from $55XX range - Higher
OR,
It may continue dropping towards the multi-year supports. - pink line being the first.
Currently BTC is struggling at a major resistance shown by dotted horizontal line. I give higher probability for a drop towards 0.618 - $55XX range where I will decide if I should wait for bounce higher or to further drop.
BTC is the only GOLD that people can buy and store themselves safely, it's portable and scarce.
I believe, during times of economic uncertainty, people like to buy Gold.... but this time, it's going to be "digital".
Pls do share your thoughts. If you liked this analysis, give it a like.
Also follow me on Twitter @prajwolb as I post various crypto-related posts.
I never stay fixed onto 1 coin and keep and adapting to changing scenarios. BTC is the only constant obviously.
Not a financial advise obviously as I am not a financial adviser.
Cheers,
nattain
Trade active:
BTC tested the top resistance. It could try again and in order to pump hard, it needs to retrace, grab lots of liquidity and pump and break that resistance.
First target in this case can be around 6700-6800 range where there is strong support.
If it fails, it might revisit the horizontal long term support line at around 5500-5800.
Let's see where it will take us. I am bearsih for now until the long term resistance is broken and retested as a support. Then I will be bullish.
First target in this case can be around 6700-6800 range where there is strong support.
If it fails, it might revisit the horizontal long term support line at around 5500-5800.
Let's see where it will take us. I am bearsih for now until the long term resistance is broken and retested as a support. Then I will be bullish.